MYGA Rates 2-Yr5.05%3-Yr6.00%5-Yr6.25%7-Yr6.25%10-Yr6.25%

Rates may vary by state, carrier and premium amount. · Rates are updated every Monday. · as of Aug 10, 2026

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Monica Kim
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Annuities

How to buy an annuity

Four steps: settle the goal, compare the carriers, read the conditions, then decide.

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An annuity is a powerful tool for a stable retirement, but the varieties and features run deep. So that nobody decides on a headline rate alone, here is the order to work through.

Step 1 · Settle what it is for

ACCUMULATION

Growth

Growing what you have, with tax deferred, either steadily or with some market participation.

INCOME

Income

A payment that arrives every month for life. With an income rider, the agreed amount continues even if the account itself runs down.

Step 2 · Compare properly

Carriers differ

Two annuities of the same type can differ in rate, fees, bonus and payout terms. I compare across carriers rather than starting from one.

Read what is underneath

Do not decide on the projection chart. Check the restrictions underneath it, withdrawal limits especially.

Step 3 · Six things to check

  • Surrender charges Ending it early, before the term is up, costs you.
  • Ongoing cost Fixed products usually carry none, but riders such as lifetime income do have a cost.
  • The carrier's strength Check the ratings from AM Best or S&P. A guarantee is only as good as the company behind it.
  • How the bonus works Find out whether a signing bonus lands in the cash value or only in the figure used to calculate income. They are not the same.
  • The free-look window Usually 10 to 30 days in which you can cancel without penalty.
  • Check the policy itself Confirm the policy says what you were told it says.

Step 4 · Decide together

This is a long-term commitment and deserves care. I am not tied to one carrier, so the comparison is done on your side of the table.

Annuities

Types of annuities Sorted three ways (when it pays, what it is for, how it invests) the right one becomes obvious. Immediate annuity Place a lump sum and income can begin the following month, then continue for life. Fixed-rate annuity (MYGA) A guaranteed rate above a bank CD, growing your retirement money without market exposure. Index annuity (FIA) Principal protected when the market falls, index-linked interest when it rises. Guaranteed income for life The payment continues for life even if the account runs dry. A second Social Security, built for you.